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- Jan Harvey (Based on Reuters)
Pair's Outlook
Gold returned inside of the channel down pattern it had exited the sessions before, and opened with a red candle Monday morning. The pair is once again steadily approaching the senior downward sloping trend-line, which will cut the losses at 1,147.04. If XAU/USD respects the aforementioned boundary, the channel will eventually have to break in order for the pair to take on a southward motion of flatter nature. The downtrend is currently bolstered by the bottom Bollinger Band and weekly S1, which makes us strongly believe that a break below is unlikely.
Traders' Sentiment
Positive sentiment shows that Gold is bought in 62% of all cases, up from 60% the six consecutive sessions before, and pending commands show the same number, which is a 3% increase from the last session.
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